Governmental Accounting Overview (F9:M1)

Question 1

who are the 3 main users of governmental FS reports?

Answer 1

citizens

legislative and oversight bodies

investors and creditors

Question 2

what is interperiod equity?

Answer 2

a balanced budget.

*interperiod equity is a significant part of accountability

Question 3

what are the characteristics of info in governmental financial reports? (UR MICE)

Answer 3

Understandability

Reliability

make a difference- Relevance

in Timeliness

Consistency

Comparability

Question 4

what is a fund?

Answer 4

sum of money or other resource SEGREGATED for the purpose of carrying on a specific activity. Its an independent fiscal and accounting entity

Question 5

why are separate fund FS presented for governmental and proprietary funds?

Answer 5

to report additional and detailed information about the primary government

Question 6

what are the 3 main fund categories?

Answer 6

governmental

proprietary

fiduciary